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Tips

Entering Historical Transactions in QuickBooksÒ

There is a preferred sequence for entering historical transactions into Quick Books. This sequence allows each of the various aspects to work fully with each other. The best sequence is:

1. Purchase transactions (purchase orders, bills, vendor credits, bill payments, checks, credit card charges)

2. Sales transactions (invoices, credit memos, cash sales, payments receipts from customers, deposits)

3. Sales Tax payments

4. Payroll transactions (paychecks, pability payments)

5. Adjustments to your bank account (transfers, bank charges, journal entries)

Note: you do not have to enter historical transactions right away when you first set up Quick Books. You can start using Quick Books before entering historical transactions, but your balances won’t be accurate and your reports will be wrong until you bring your file up to date.